The Court of Federal Claims has held that a charitable trust established to donate money to Cornell University is not entitled to a refund of unrelated business income tax it paid on the sale of securities. At issue was whether securities purchased on margin for a...

The U.S. Court of Federal Claims has agreed with the IRS that a California organization that administered donor advised funds that reimbursed donor charitable expenses and compensated them for volunteer services failed to qualify as a charity.

In Jeffrey Okerlund, et al. v. United States, the Court of Federal Claims has refused to reconsider the court's earlier opinion valuing stock in a closely held business for gift and income tax purposes.

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Define: U.S. Court of Claims

The United States Court of Federal Claims was recreated pursuant to Article I of the United States Constitution in October 1982. The Court consists of sixteen judges nominated by the President and confirmed by the Senate for a term of fifteen years. The Court of Federal Claims is authorized to hear primarily money claims founded upon the Constitution, federal statutes, executive regulations, or contracts, express or implied-in-fact, with the United States. Approximately one-quarter of the cases before the Court involve tax refund suits, an area in which the court exercise concurrent jurisdiction with United States district courts. The cases tend to involve complex factual and statutory construction issues in tax law.